Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cullumber Medical Comparative Balance Sheet As of December 31 2020 2019 Cash $390,000 $417,450 Accounts receivable, net 1,038,000 776,450 Inventory 746,000 681,100 Other current assets 381,350 247,050 Total current assets 2,555,350 2,122,050 Property, plant, & equipment, net 8,702,200 8,439,880 Total assets $11,257,550 $10,561,930 Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current liabilities $3,196,000 $2,846,100 Long-term debt 3,702,700 3,892,600 Total liabilities 6,898,700 6,738,700 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,700 103,800 Retained earnings 4,195,250 3,660,530 Total stockholders' equity 4,358,850 3,823,230 Total liabilities and stockholders' equity $11,257,550 $10,561,930 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit 2020 2019 $10,177,200 $9,613,950 5,611,600 5,298,700 4,565,600 4,315,250 Operating expenses 2,840,200 2,634,200 Net operating income 1,725,400 1,681,050 Interest expense 300,300 308,650 Net income before taxes 1,425,100 1,372,400 Income taxes (30%) 427,530 411,720 Net income $997,570 $960,680 Dividends paid Preferred dividends 29,450 29,550 Common dividends 433,400 413,000 Total dividends paid 462,850 442,550 Net income retained 534,720 518,130 Retained earnings, beginning of year 3,660,530 3,142,400 Retained earnings, end of year $4,195,250 $3,660,530 Operating expenses 2,840,200 2,634,200 Net operating income 1,725,400 1,681,050 Interest expense 300,300 308,650 Net income before taxes 1,425,100 1,372,400 Income taxes (30%) 427,530 411,720 Net income $997,570 $960,680 Dividends paid Preferred dividends 29,450 29,550 Common dividends 433,400 413,000 Total dividends paid 462,850 442,550 Net income retained 534,720 518,130 Retained earnings, beginning of year 3,660,530 3,142,400 Retained earnings, end of year $4,195,250 $3,660,530 (a-d) Calculate the following liquidity ratios for 2020. (If working capital is negative then enter with a negative sign preceding the number or parentheses, e.g. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, e.g. 2.55.) a. Working capital b. Current ratio c. Acid-test ratio d. Accounts receivable turnover eTextbook and Media Save for Later $ times Attempts: 0 of 3 used Submit Answer (e-f) Calculate the following liquidity ratios for 2020. (Round average collection period to O decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) a. Average collection period b. Inventory turnover eTextbook and Media Save for Later days times Attempts: 0 of 3 used Submit Answer (g) Calculate average days to sell inventory for 2020. (Round answer to O decimal places, e.g. 25. Use 365 days for calculation.) Average days to sell inventory eTextbook and Media Save for Later days Attempts: 0 of 3 used Submit